Aramco has announced a major expansion of its industrial investment programme, Aramco Namaat, with the signing of 22 MoUs and one joint venture (JV) agreement focused on capacity building in four key sectors: sustainability, technology, industrial and energy services and advanced materials
Namaat refers to the collective growth and the programme aims to tap into the vast opportunities available in Saudi Arabia to create new value, and drive economic expansion and diversification.
Aramco chairman HE Yasir Al-Rumayyan said, “Such initiatives help further drive economic growth and diversification, ensure greater reliability of energy supply, effectively localize the industrial supply chain, and create better jobs and skillsets.”
Aramco president and CEO Amin H Nasser added, “The benefits for everyone involved are multiple as well as mutual and I am proud that Aramco continues to be a catalyst at the heart of the Kingdom’s transformation, harnessing its expertise and resources to champion new markets and growth sectors. We believe these exciting target sectors offer significant opportunities for all the current and prospective parties involved.”
Aramco senior vice-president of technical services Ahmed Al-Sa’adi said, “Through Namaat, we are attracting world-class partners who share our goal of continuous industrial development. These partnerships illustrate Saudi Arabia’s significant appeal to international companies and pave the way for new innovations in materials, processes and solutions.”
The Namaat programme is focused on investments in four key areas that align closely with Aramco’s objectives:
1. Sustainability: Aramco, which already has one of the lowest upstream carbon intensities in its industry, is implementing circular economy concepts to reduce waste and aims to pursue further emissions reductions through the deployment of green technologies, including carbon capture.
2. Technology: Aramco, through its Digital Transformation Programme, is capitalising on advanced 4IR technologies and adopting new solutions that enhance operational efficiency and improve performance in terms of safety, reliability, cost, and the environment.
3. Industrial: to maintain its low-cost production advantage and supply reliability, Aramco aims to achieve further supply chain efficiency through improvements in inventory management, procurement, logistics and localisation.
4. Advanced Materials: leveraging advanced solutions to unlock the value of every hydrocarbon molecule produced, Aramco is stepping up innovation in non-metallic materials, which offer potential benefits for the building and construction, oil and gas, renewables, automotive and packaging sectors.
The 22 MoUs were signed with companies including Honeywell, AVEVA, SOLVAY, Baker Hughes, Schlumberger, Halliburton, VEOLIA, Gulf Modular Industry (GMI), Samsung Engineering, Hyundai, Saipem and Shell AMG. They cover initiatives ranging from non-metallics development and waste management, to EPC, digital technologies, logistics and carbon capture and storage (CCS).
The programme complements Aramco’s flagship In-Kingdom Total Value Add (iktva) programme, which was launched in 2015 to enhance supply chain efficiency through localisation, skills development, knowledge transfer and job creation. It also aligns with other major initiatives intended to drive a world-class energy and industrial ecosystem in Saudi Arabia, such as King Salman International Complex for Maritime Industries and Services, King Salman Energy Park (SPARK), and the forthcoming LAB7 innovation hub.
